Monday 24 June 2024

GCC switchgear market to grow 6pc

BURNABY, Canada, April 1, 2016

Growing electricity demand coupled with continuous upgradation of transmission infrastructure is set to drive switchgear sales in GCC countries through 2021, according to a report.
The recently published report by TechSci Research 'GCC Switchgear Market By Type, By End User, Competition Forecast and Opportunities, 2011 - 2021," said the switchgear market in GCC countries is projected to grow at an annual average rate of more than six per cent from 2016 to 2021.
With growing population and extreme climatic conditions, demand for electricity in GCC countries is anticipated to grow eight per cent per annum until 2021. 
To address this growing electricity demand, in addition to replacement of old infrastructure, new power plants are being developed across the region. 
Moreover, GCC nations are also increasing their focus on developing their refinery and petrochemical processing infrastructure. 
Backed by all these factors, the switchgear market in GCC is
anticipated to grow at healthy growth rate over the next five years.
On the basis of product type, the region's switchgear market has been segmented into three categories in the report, low voltage (up to 1 kV); medium voltage (1.1 kV to 40 kV); and high voltage (above 40 kV) switchgear segments. 
Among these categories, low voltage segment dominated the overall GCC switchgear market in 2015 where Saudi Arabia dominated the GCC switchgear market amongst all the nations, and the kingdom is anticipated to maintain its dominance over the next five years as the country has the largest power generation capacity in comparison to other GCC countries. 
In the same year, the second largest demand generator for switchgears in the region was the UAE, which was followed by Kuwait, Qatar, Oman and Bahrain.
Vipul Tiwari, research consultant, TechSci Research, said: "Abundant availability of solar and wind resources can reduce the dependency of GCC countries on fossil fuel based power generation, and thereby decrease greenhouse gas emissions, which is a matter of serious concern, globally. 
"Integration of renewable energy into electric grid will require development of power control system, which is expected to drive the demand for switchgears in GCC countries over the next five years." - TradeArabia News Service

Tags: GCC | market | Switchgear |

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